Asked by Kristi Maris, Colorado • Thu Dec 27, 2012
My wife and I are young (25) have excellent credit and qualified for a loan with a 3.5% interest rate. We are closing on our home in the next couple of weeks. We are putting down 3.5% on a short sale and unfortunately we are having to pay mortgage insurance. It is our goal to fix the house up a bit and then in the next 2 years have the home appraised and hopefully it will appraise for MUCH more than we are paying. We are getting the steal of the century on this home. My question is - if we have the home appraised in a couple of years and it comes in high enough to make the equity we have in the home over 20% do we have to refinance our home to get the mortgage insurance dropped or can we just ask our lender to waive the mortgage insurance due to the substantial increase in property value. Again, we are young and do not fully understand this entire mortgage process. We know that we do not want to be making someones house payment for them which is why we are
Real Estate in Denver
Popular Categories in Denver
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!